In the coming days, we'll be compiling information regarding your options around severance pay, COBRA, 401(k), etc.
Feel free to join our LinkedIn Group and invite others you know that may be affected. The link for the group is: https://www.linkedin.com/groups/13552857
FYI - when you are "released" from the bank you will receive a package that provides an estimation of severance along with legal documents, If your line of business has decided to pay you for 2 weeks of pay that will be denoted within the high level summary.
However, in order to obtain your "severance" you will have to sign and return the legal documents within a provided time frame. All in all these legal documents are a "gag order" detailing what you will and will not do - such as no ill speak of bank, give up right to sue bank for anything etc. etc.. so basically you signing away your rights to receive the "severance".
Also in addition to severance pay - per the employee handbook you are due any unused vacation accrued. You will have to ensure your current manager approves the pay out of this - if you don't you wont see the pay! Keep in mind most positions provide 40 hours of sick time annually of which you can take 2 days of personnel time - so I would advise taking advantage of these 16 hours of time rather than charge vacation time. This was not included in package - you have to ask!!
You will receive a package regarding your 401k in the mail - more of a sales package so you can leave it with the Bank to continue to manage or transfer it somewhere else. You will also receive a COBRA election on the month your severance pay ends. The COBRA is beyond high - around 2K for a family package so plan accordingly.
I can tell you after "experiencing" the process" - its a "giant" cluster f@ck with no communication. The job placement help that you will be advised is there to help - is no help. You will have to call Global HR to find out anything - One - Eight Hundred - Five Five Six - Six Zero Four Four.
Anyway a few words of advice to anyone who will be faced with this over the upcoming months.
Good luck to all!
Or it’s a good way for SLT to find out who is following this board.